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My client over 65 took a 110k withdrawal from they IRA and gifted 70k to their son how do I show the deduction on the return for the gift?

taxgal812
Level 1

Do I have to file a 709 gift tax return 

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Happy-Tax
Level 5

Gift tax return required? Yes.

Deduction on the client's return for the $70K given to the son? Nope. Your client will end up eating the tax on the $110K (unless his son is the Pope or a televangelist).

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3 Comments 3
Happy-Tax
Level 5

Gift tax return required? Yes.

Deduction on the client's return for the $70K given to the son? Nope. Your client will end up eating the tax on the $110K (unless his son is the Pope or a televangelist).

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Just-Lisa-Now-
Level 15
Level 15
Nope, no deductions for gifts!   And yes, now a gift tax return is required.

Hopefully your client didn't call and ask you about this prior to doing it and you told him it was deductible.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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itonewbie
Level 15
By the past tense used in the question, sounds like it's the normal fare of done it, now what?
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Still an AllStar
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